Chelsea manager Jose Mourinho is facing up to life without seemingly limitless transfer funds after the club announced an annual loss of £49.4 million, reports Jeremy Wilson of the Daily Telegraph.

The Blues are determined to remain within the UEFA Financial Fair Play guidelines, which could mean an end to big spending at Stamford Bridge, claims the report.

Meanwhile, the agent of Chelsea midfielder Michael Essien has said his client could leave the club this month, reports Mike Dawes of the Daily Mail.

Essien's representative Fabian Piveteau says several Champions League clubs have been informed of the player's situation.

Liverpool and Everton are monitoring Chelsea left-back Ryan Bertrand, reports John Cross of the Daily Mirror. Blues winger Kevin De Bruyne is also heading for the exit, according to Gary Jones of the Daily Star.

Current Manchester United manager David Moyes believes the team are beginning to emerge from the shadow of his predecessor, Sir Alex Ferguson, reports Mark Ogden of the Daily Telegraph among others.

The former Everton boss endured a difficult start to the Premier League season, but has since guided United to six successive wins in all competitions.

The Scot is now convinced the players are gearing up for an assault on the title in the second half of the season:

The challenge is now, ‘Well, hey, we’re not in the position we should be, let’s get back to where we want to be’.

I do think they’ve got the bit between their teeth at the moment and I want that to continue week in, week out.

We’re definitely in it, but we’ve got a long way to catch up. We’re not breathing down the necks of the teams above us at the moment, and we’ve got to try to get a wee bit closer, because once we get in that position, people will know exactly what Manchester United are capable of.

On the subject of Ferguson, Matt Lawton of the Daily Mail highlights the successful retirement the former United boss is enjoying.

Meanwhile, Crystal Palace remain hopeful of bringing Wilfried Zaha back to Selhurst Park on loan this month, according to John Cross of the Daily Mirror.

Galatasaray and Holland midfielder Wesley Sneijder has been told United will not be making a transfer move for him this month, reports Rob Beasley of The Sun (subscription required).

Moyes is planning a £20 million raid for Southampton left-back Luke Shaw, reports Martin Blackburn of The Sun (subscription required).

Former Liverpool striker Ian Rush has revealed to Italian newspaper Tuttosport that striker Luis Suarez has a £120 million escape clause in his contract, according to Antony Kastrinakis of The Sun (subscription required).

The Uruguay international signed a new long-term contract at Anfield before Christmas, and the Merseyside club were keen to avoid another £40,000,001 bid from Arsenal like in the summer.

Rush also revealed that Suarez can leave the club if they do not qualify for the Champions League if an appropriate offer is made:

If we don’t qualify for the Champions League he can leave, provided a club make an offer according to the player’s value.

When we renewed Luis’ contract, we put in a clause of £120m.

If Gareth Bale went to Real Madrid for £86m, why should we not ask more for Suarez?

He has already scored 19 goals and should easily beat his record of 23 last season.

Meanwhile, Liverpool manager Brendan Rodgers has defended Suarez from Mourinho's criticism that the forward is a diver, reports Chris McKenna of the Daily Star.

Rodgers has also agreed a first-option deal for Derby County midfielder Will Hughes, claims Alan Nixon of the Daily Mirror.

Arsenal manager Arsene Wenger has refused to discuss his contract at the club, but insists the Gunners are not far from agreeing a new one for Bacary Sagna, reports John Cross of the Daily Mirror.

The France full-back is out of contract at the end of the season, but Wenger insists the Gunners are moving closer to a deal for the player.

West Ham United manager Sam Allardyce is preparing to make an £8 million move for Southampton striker Rickie Lambert, reports Alan Nixon of the Daily Mirror.

The Hammers are already on the verge of completing a deal to bring defender John Heitinga to the club from Everton, according to David Anderson of the Daily Mirror.

The cost of slipping out of the Premier League has been underlined at Bolton Wanderers, who have announced debts of £50.7 million for the financial year ending June 2013, reports Mark Ogden of the Daily Telegraph.

The Reebok Stadium club were relegated in 2012, and their current debt is a staggering £163.8 million, claims the article.

Crystal Palace striker Kevin Phillips has decided to leave the club months after hitting the penalty which sent the Eagles into the Premier League, reports The Sun (subscription required).